Morgan Corporation purchased a depreciable asset for $600,00…
Morgan Corporation purchased a depreciable asset for $600,000 on January 1, 2023. The estimated salvage value is $60,000, and the estimated useful life is 9 years. The straight-line method is used for depreciation. At the beginning of 2026, Morgan changed its estimates to a total useful life of 5 years (3 years already used and 2 years remaining) with a salvage value of $60,000. What is 2026 depreciation expense?